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What you must know about Hong Leong Bank's all-new PowerSME Current Account

Customers can earn monthly rebates to waive off fees on their banking transactions.

Hong Leong Bank is offering an enhanced value-added banking service for the SME market with its all-new PowerSME Current Account. This is a new current account featuring fee rebates, preferential fixed deposit (FD) rates and priority service at branches.

Asian Banking and Finance interviewed Mr Peter Chow, Chief Operating Officer for Business and Corporate Banking at Hong Leong Bank, to learn more about this new product.

ABF: What do you hope to achieve with this initiative?
SMEs remain one of the core engines of growth for the Malaysian economy, playing an important role in driving economic growth, employment and income. This sector accounts for 99% of all registered businesses in the country and contributes some 32% share to the Gross Domestic Product (GDP).

We at Hong Leong Bank strongly believe in being the right partner to these owners led and managed SMEs supporting their growth through the provision of appropriate product offerings and advice as well as simple and effective processes.

With the Hong Leong PowerSME Current Account, we aim to empower SMEs with a holistic offering that is convenient and cost-effective for them.

ABF: What can you tell us about the new PowerSME that is exclusively for ABF's editorial coverage?

Unlike any other conventional current account, our PowerSME Current Account is designed to reward customers with the opportunity to earn monthly rebates to waive off fees on their banking transactions. Customers also have the option of enjoying higher returns on new FD placements through its Business Flexi FD account.

Available at all branches, it only requires an initial deposit of RM500 to start a new PowerSME Current Account. The PowerSME Current Account also comes with free e-Inquiry services. Additionally, customers are encouraged to sign up for the e-payment package to enjoy the convenience of online banking and earn more fee rebates.

Accounts opened from 4 January to 30 June 2013 with RM5,000 and above will be entitled to a nifty Universal Travel Adaptor and a pair of security tokens worth RM300 if they sign up for their e-payment services during the campaign period and limited to the first 100 customers only.

On top of that, customers who sign up for the Hong Leong Online Business e-Inquiry or e-Payment Services and maintain the required average balance, will be rewarded with dining vouchers of up to RM120 per customer.

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